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They already had a button for the menu. It just wasn't default. Just click File->Show Menu Bar.
I like the removal of modal dialogs, but I'm not sure about the implementation of it. As a regular Opera user, I have been annoyed by dialogs preventing me from switching tabs, but you make a good point about phishing.
Also, check out http://my.opera.com/ODIN/blog/show.dml/5513451#comment13791981. It looks like HTML5 video will be present in 10.5.